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Floating solar panel market to be worth $2.7B in 2025

Lucas Mearian | Feb. 2, 2017
Revenue expected to increase 50% annually over the next three years

"They provide many of the same advantages of floating PV projects while avoiding many of the long-term viability risks and cost adders that floating PV projects face," Attia said.

solar power plant Creative Commons Lic.

The Indian National Hydro Power Corp. built this 10MW solar PV project over the Sardar Sarovar canal.

The world's largest floating solar panel farm is currently the Yamakura Dam reservoir in Japan, which was completed in 2016 and has a generating capacity of 13.7MW. That plant is capable of powering more than 5,000 households.

japan floating solar panels market Grand View Research

Japan's floating solar panels market revenue, by product, 2014 - 2025 (US dollars/million). Japan is expected to lead the market in deploying floating solar panels due to its lack of real estate and supportive government regulations.

Europe is expected to account for the second-largest market based on the growing number of installations in the UK and France. The UK has the majority of the market share in Europe, with more than 10,000KW installed in 2015.

"Opportunities on inland water will boost the demand for the Europe floating solar panels market during the forecast period. Latin America is expected to witness the highest growth owing to strong pipeline for solar floating plants," a separate report from Global Market Insights said.

Europe’s largest floatovoltaics array is now being built atop the Queen Elizabeth II reservoir as part of Thames Water’s ambitious bid to self-generate a third of its own energy by 2020.

Thames Queen Elizabeth II reservoir solar array Thames Water

Europe’s largest ever floating solar panel array is being installed on the Queen Elizabeth II reservoir.

As part of an agreement among Thames Water, Ennoviga Solar and Lightsource Renewable Energy, the floatovoltaics project will include more than 23,000 solar panels atop the reservoir. The floating pontoon of solar panels is expected to cover about 9% of the reservoir.

As floatovoltaics become more popular, market revenue is expected see a 50% combined annual growth rate from 2016 through 2020, according to a GM Insights' report issued in November.

Floatovoltaics technology relies on water surface for panel installation and can be used atop reservoirs, ponds, lakes, canals and other stationary water bodies. Panels are adjusted to the position of sun, which can enhance efficiency and maximize output, according to GM Insights.

"They also help to decrease algae growth in stable water and aid in reducing water evaporation through water bodies," GM Insights said. "As floating solar panels are placed above water it helps by its cooling effect and to maintain steady temperature of silicon panels, to continue output level...."

 

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